Modon Properties, a development company mandated by the Abu Dhabi government, has signed a 25-year lease agreement with LuLu Group International for the operation of retail outlets at the Courtyard Mall complex in Riyadh City.
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Modon said the agreement is the result of its ongoing cooperation with leading retailers as a part of its efforts to meet the needs of residents of Riyadh City and ensure the steady progress and on-schedule delivery of the Courtyard Mall.
Upon its completion, the project is slated to include seven restaurants, 13 shops, and a supermarket.
Commenting on the lease agreement, Lulu Group chief executive officer Saifee Rupawala said: “We are proud to launch our first ever full-fledged hypermarket in Riyadh City. Following the express store that we opened last year, we are delighted to make this new shop possible in partnership with Modon, in order to fulfil the growing demand for lifestyle essentials within the vicinity.”
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